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Basis for Conclusions – New and Revised Auditor Reporting Standards

Jun 15, 2017

On June 15, 2017, the Auditing and Assurance Standards Board (AASB) released this document which summarizes the process followed in developing new and revised auditor reporting standards and the conclusions reached by the AASB.

This Basis for Conclusions has been prepared by staff of the AASB. It relates to, but does not form part of the new and revised auditor reporting standards and related conforming amendments (Auditor Reporting standards). These standards comprise of CAS 260, 570, 700, 701, 705, 706, 800, 805 and 810.

This Basis for Conclusions has been prepared to make Canadian stakeholders aware of the following:

The following Bases for Conclusions prepared by International Auditing and Assurance Standards Board (IAASB) staff, which are available on the IAASB website:

ISA 800 (Revised), Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805 (Revised), Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement; and

Information on how the AASB dealt with significant matters arising from comments received in response to its Exposure Drafts and Invitation to Comment, which included the scope of the requirements for reporting on key audit matters.